Tether Is Dancing While the Crypto Music Plays: Lionel Laurent

Tether Holdings SA, issuer of the world’s largest cryptocurrency stablecoin, is in talks with investors to raise as much as $20 billionin a deal that could value it on par with OpenAI and SpaceX, according to Bloomberg News. That would be a remarkable victory lap for a company — and industry — that’s been in the crosshairs of regulators over opaque financial disclosures and possible sanctions violations. But it also feels like a case of dancing nearer the door while the music is still playing in a very racy market environment.

If the prospect of El Salvador-based Tether raising money at a ...